摩根士丹利近日与英伟达管理层会谈后发布最新报告指出，投资者目前最关注人工智能(AI)需求端的表现，而英伟达对短期及长期前景的信心明显增强。报告强调，AI需求的增长趋势仍在持续，许多新兴应用领域才刚刚起步。大摩维持对英伟达“增持”评级，目标价设定为210美元，对应总市值达5.1万亿美元。 以Joseph Moore为首的分析师团队指出，云端资本支出持续增加，是推动英伟达收入成长的主要因素，尤其表现在计算核心从CPU向GPU转移的过程中。虽然这一增长趋势将持续，但真正具变革性的AI应用尚未全面落地。到2030年，AI基础设施市场规模可能达3至5万亿美元，高于目前预测，但符合AI将对全球市场产生变革性影响的观点。 针对英伟达与OpenAI合作引发的供应商融资议题，Moore指出，其本质为“需求加速器”而非“需求创造者”。英伟达的投资策略是寻找能加速创新的杠杆点，例如投资CoreWeave及英国主权基金，以加快数据中心产能与创新，未来模式可复制到其他企业。
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